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Question
Prepare the journal entries to record the following transactions for Reese Company, which has a calendar year end and uses the straight-line method of depreciation.
(a) On September 30, 2012, the company sold old equipment for $36,000. The equipment was purchased on January 1, 2010, for $76,000 and was estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2011.
(b) On June 30, 2012, the company sold old equipment for $24,000. The equipment originally cost $36,000 and had accumulated depreciation to the date of disposal of $15,000.
Answer
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